Creator of largest Russian Ponzi scheme MMM dies

Thousands of people lost their savings when Sergei Mavrodi’s scheme collapsed.

Infamous businessman and former head of the largest Ponzi scheme in Russia - MMM - Sergei Mavrodi, has died in a Moscow hospital at the age of 63, according to the Russian press. He reportedly passed away due to a heart attack

After MMM shares went bankrupt in 1994, thousands of people in Russia lost their savings - dozens committed suicide as a result. The company promised 1000 percent annual dividends per share. According to experts, up to 10 million people in Russia were affected by the fraud.

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